SOL remains bullish amid broader market stagnation

The asset surged over the past seven days to reach its highest-ever weekly close on the SOL/ETH pair

article-image

Anastasia Sedenkova/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Lightspeed newsletter. To read full editions, subscribe.


Solana looks surprisingly bullish, considering the broader crypto market continues to flirt with bearish stagnation. 

We’ve seen SOL surge around 30% compared to the US dollar over the past seven days (and up 20% against ETH, reaching its highest-ever weekly close on the SOL/ETH pair). Solana also just reclaimed the #1 spot in seven-day DEX volume, edging out Ethereum with a peak near $130b.

That’s the highest we’ve seen since early January. And yet, network fees have plunged 97% since the start of the year, and total DEX volume is down 93% from Q1 highs. Paradoxical at a glance, perhaps, but easily explained by one word: compression.

Solana’s network throughput remains unmatched, but thanks to the fee market rollback, that scale doesn’t translate to protocol revenue. In fact, Network REV (transaction fees + tips) has flatlined at sub-$50m weekly levels after peaking above $200 million in January. This disconnect between usage and earnings may limit sustainable economic value for validators (unless we rebalance staking dynamics or fee incentives.)

However, we’ve seen a modest rebound on the application revenue side — especially from DePIN and DeFi. Total transaction activity also remains robust, hovering near 585 million weekly transactions.

Stablecoins are also a big deal this week. Circle minted another $250 million USDC on Solana, pushing the total monthly transfer volume of stables above $12 billion. That’s yet another all-time high. This trend suggests folks increasingly view Solana as the rails for dollar-based settlement, even with markets looking bearish.

And unlike previous cycles, this stablecoin growth appears sticky. The supply curve has steepened without the volatility-driven reversals seen on other chains.

We also have a pretty hefty milestone today, as we mark the launch of multiple spot Solana ETFs in Canada, approved by the OSC. These funds include staking and will offer yield exposure to institutions for the first time. While early US-based futures ETFs like SOLZ saw tepid demand (~$5 million AUM), Canada’s move could be different.

The Canadian ETFs arrive during a moment of broader macro uncertainty. Coinbase’s institutional report warns of a crypto winter and weak VC inflows but maintains that a Q3 rebound is likely. In that light, Solana’s performance may reflect early positioning for the next leg rather than a frothy overextension.

While BTC trades sideways around $85k amid ETF outflows and macro jitters, Solana is showing signs of narrative independence. At the time of publication, the price of SOL hovers around $127.70, a 24% rise over the past week.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Nillion_DeSci_Report_Template.png

Research

Nillion’s Monad Integration is poised to catalyze the next phase of DeSci’s evolution by eliminating key privacy bottlenecks. This synergy allows researchers, institutions, and DAOs to exchange sensitive data and insights securely while managing governance and payments onchain.

article-image

Celebrating the wisdom of a diamond-handed Bitcoin Legend

article-image

With the success of RWAs and stablecoins, DePINs could onboard the next wave of crypto users

article-image

Is crypto straying too far from things of value?

article-image

Firedancer and Solana ETFs look less significant than before

article-image

The newly passed House bill amplifies that strategic pivot for the Trump administration, from attempting austerity to running the economy hot

article-image

Unable to secure further funding, the game cycled through three different blockchains and at least five different game engines since 2018